Freeing small and mid-sized firms from unnecessary reporting requirements is something we have been calling on the Government to do for several years, so it’s fantastic to see action on the issue.
Today’s announcement from the Department for Business and Trade and HM Treasury reflects many of the points we raised in the Non-Financial Reporting Review, including simplifying thresholds, cutting duplication and easing pressure on family-owned firms.
Family businesses value transparency and accountability. But as we’ve consistently highlighted, more reporting doesn’t always mean more transparency. Overloading stakeholders with information can make it harder to see what really matters.
We’re pleased that government has listened and is focusing on ensuring reporting is proportionate, meaningful and accessible, so the right people get the right information in the right way.
We look forward to contributing to the next phase of the review, helping to shape a system that supports sustainable growth and long-term value creation.
Have your say: Government is inviting businesses to share examples of regulation that are not fit for purpose or that hold back growth, innovation, and investment. We encourage all family businesses to take part in the survey at the following link and will be doing so ourselves.
www.gov.uk/government/calls-for-evidence/unlocking-business-reform-driven-by-you